Infant industries denote industries which?
- A. are introducing new products
- B. are too young to compete in the world market
- C. produce baby food and mother care products
- D. are allowed time enough to mature for recognition
The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and?
- A. capital
- B. political consideration
- C. nearness to source of power
- D. labour
The government can influence the price of agriculture products by?
- A. fixing minimum prices when agricultural output is low
- B. fixing maximum prices in years of bumper harvest
- C. the use of buffer stock and stabilization funds
- D. paying all farmers producing identical crops a uniform amount of money
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?
- A. lack of an effective agricultural policy
- B. employment opportunities in the oil sector
- C. rural-urban drift
- D. low prices of agricultural products
Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population?
(ii) A large proportion of the population is engaged in agriculture.
(iii) Agriculture products are used as raw materials by the local industries.
(iv) It serves as sources of heavy equipment to local industries.
- A. i and ii only
- B. i,ii and iii only
- C. i, ii and iv only
- D. ii and iii only
When public enterprises become commercialized, it means that?
- A. the product of the enterprises are further subsidized
- B. they are expected to operate with the primary aim of making profits
- C. the government has decided to divest itself of such enterprises
- D. the staff of the enterprises will be laid off
One of the major advantages of public enterprises is that?
- A. they are highly subsidize
- B. they are the largest employers of labour
- C. their operations are highly standardized
- D. they take prompt decisions and actions
The major reason for the survival of small shops despite competition from large business enterprises is because of?
- A. the small capital outlay involved
- B. regularity and constant supply of commodities by them
- C. their local srvices and longer hours of operation
- D. their level of managerial competence
In a joint stock company, preference shareholders are those who receive?
- A. high dividends when profits are high and little or nothing when profits are low
- B. a fixed rate of individend and have the first claim on the net profits of the company
- C. the remaining profits after all other shareholders have been paid
- D. dividends quarterly when others receive annually
Stocking small quantities of a variety of goods is a function of the?
- A. manufacturer
- B. wholesaler
- C. retailer
- D. consumer
Both in the short run and in the long run, a firm maximizes its profits when?
- A. MC = MR
- B. AC = MC
- C. AVC = AC
- D. MC = AVC
If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y – 300 > 500.
- A. y > 300
- B. y > 250
- C. y > 200
- D. y > 150
What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?
- A. 1.25
- B. 1.45
- C. 0.25
- D. 0.15
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
- A. slightly increase the price of his product
- B. slightly reduce the price of his products
- C. leaves his price unchanged
- D. discriminate his prices
In a free market economy, available resources are more efficiently allocated by complete reliance on?
- A. development planning
- B. strategic planning
- C. capital budgeting
- D. price system
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
- A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
- B. An increase in demand will lead to a fall in price and quantity bought and sold
- C. A decrease in demand will lead to a rise in price and in the quantity bought and sold
- D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold
The effect of changes in the condition of demand on a demand schedule with the price constant is?
- A. A movement along the demand curve
- B. deflation of the demand curve
- C. hyperbola formation by the demand curve
- D. shift of the demand curve
The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?
- A. a fixed cost
- B. an implicit cost
- C. a variable cost
- D. a prime cost
Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?
- A. real income
- B. profit
- C. economic rent
- D. real wage
The factor of production that has the highest degree of mobility is?
- A. land
- B. labour
- C. capital
- D. enterpreneurship
The advantages which firms obtain directly from expanding their operations are referred to as?
- A. internal economies of scale
- B. external economies of scale
- C. economics of localization
- D. economies of resources allocation